S.C : While we sympathise with what the assessee is doing, we do not think that its activity can be said to provide “credit facilities” to its members

Supreme Court Of India

Madras Auto Rickshaw Drivers vs. CIT

Section 80P(2)(a)(i)

Asst. Year 1973-74, 1974-75

S.P. Bharucha & D.P. Mohapatra, JJ.

Civil Appeal Nos. 5651 & 5652 of 1990

10th December, 1998

Counsel Appeared

Mrs. Janaki Ramachandran, for the Appellant : Dr. V. Gauri Shankar with S.N. Terdol, for the Respondent

ORDER

BY THE COURT :

Heard learned counsel for the appellant and read the judgment under appeal. While we sympathise with what the assessee is doing, we do not think that its activity can be said to provide “credit facilities” to its members. Therefore, the High Court has rightly held that the provisions of s. 80P of the IT Act, 1961, are not applicable.

The appeals dismissed. No order as to costs.

[Citation : 249 ITR 330]

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